The Tokenised Deposit Service is also the first bank-led, blockchain-based settlement service in Hong Kong.
Ant International announced its collaboration with HSBC new Tokenised Deposit Service in Hong Kong. The service will support treasury management with real-time, always-on HKD and USD payments between corporate wallets held by a corporate client at HSBC Hong Kong.
The Tokenised Deposit Service is the first bank-led, blockchain-based settlement service in Hong Kong. The launch comes after a successful pilot test between HSBC and Ant International on Ant’s Whale platform, which has been rolling out blockchain-based payments and tokenised deposits solutions with various bank partners.
Ant International has successfully completed an instant intra-group fund transfer via the service. It initiated the transaction via its internal global treasury management platform, the Whale platform, digitising its USD deposits with HSBC into digital tokens on the bank’s secure distributed ledger.
The Whale platform currently supports multiple tokenised assets from leading banks and institutions around the world, enabling interoperability across diverse blockchain networks. By leveraging leading DLT technologies such as homomorphic encryption and zero-knowledge proofs, the Whale platform encrypts transaction information and enables multi-party verification in an encrypted state for cross-chain transactions.
In October 2024, Ant International and HSBC also completed a successful HKD-denominated cross-bank experiment under the Hong Kong Monetary Authority’s Ensemble Sandbox.
Kelvin Li, General Manager of Platform Tech at Ant International, said: “As a tech connector in the fast-evolving financial services industry, our banking partnerships are expanding from tokenisation to AI-driven global FX and liquidity initiatives. We look forward to working with more public and private-sector partners to unlock more transparent, accessible and efficient treasury management solutions for businesses worldwide.”
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